Union Budget 2024-25: Four tax benefits that you can expect | Interim Budget | Nirmala Sitharaman
Finance Minister Nirmala Sitharaman will present the Interim Budget 2024-25 on 1st February. It is to be noted that it is an Interim budget that means just a temporary budget till the lok sabha elections and it is very likely that the major announcements may hold off after 2024 Lok Sabha Elections when new gov will be formed.
Now if we talk about tax, a term by which each other of you are directly or indirectly effected up, in this video I will tell you the new four Income tax benefits you can expect in Budget 2024
First is 80D deduction limit
The deduction limit under Section 80D for medical insurance premiums should be increased from ₹25,000 to ₹50,000 for individuals and ₹50,000 to ₹75,000 for senior citizens, which also reflects the rise in cost of healthcare in India.
The second benefit that we can expect is Ease in TDS compliance for home buyers. So currently only 1% TDS is deducted on property purchases that exceeds the amount of Rs 50 Lakhs. We need to note that that this process is very straightforward for the resident seller but tough for the NRI sellers.
Now the third benefit is on Capital Gains Tax. Now what is Capital Gain tax?
This tax in India is imposed upon the profits you earn on selling a capital asset like land, building, jewellery etc.
Now the benefit on it is that now it will be simplified. The complexity of the current capital gains tax regime is a little tough for investors like tax rates, residency status etc.
Now Gov might streamline the classification
Good news for Bangalore, the fourth tax benefit is that Bengaluru to be considered a metro city for HRA exemption. Despite being recognised as a metro city by the Indian Constitution, Bengaluru remains classified as a non-metro for income tax purposes, this is limiting HRA deductions to 40% for its residents instead of the 50% available in other metro cities.
#budget2024 #nirmalasitharaman #unionbudget2024
About Channel:
Your daily dose of videos for the latest and exclusive news from India and the rest of the world. From current affairs, sports, cricket, Bollywood, TV, entertainment, health, business & technology. Stay tuned for happenings around the world powered by India.com.
India.com covers breaking news, latest news, politics, entertainment and sports from India & World.
Subscribe India.com : https://bit.ly/3o7PtHP
Follow us on:-
Download India.com app Link- http://onelink.to/uqwaee
International Users App Link- http://onelink.to/prvyta
Web: http://www.india.com
Facebook: / indiacom
Twitter: / indiacom
Instagram: / indiadotcom
![[FREE FOR PROFIT] Iann Dior Type Beat -](https://images.videosashka.com/watch/IJ3wYAhJp8w)
